Free investor tool
Mortgage repayment calculator
Work out the repayments on a home or investment loan, the total interest over its life, and how much sooner you would finish with extra repayments.
Updated · Free, no sign-up
| After | Balance |
|---|---|
| 1 years | $593,294 |
| 5 years | $561,666 |
| 10 years | $508,657 |
| 15 years | $435,355 |
| 20 years | $333,992 |
| 25 years | $193,825 |
| 30 years | $0 |
How it works
How loan repayments are worked out
A principal and interest repayment is set so the loan reaches zero at the end of the term. Early repayments are mostly interest, because interest is charged on the full balance; as the balance falls, more of each repayment goes to principal. An interest-only loan costs less each month during the interest-only period, but the balance does not fall, and repayments step up when the period ends because the same debt is repaid over fewer years.
Extra repayments go straight to principal, so they cut interest for every remaining year of the loan. Paying half the monthly amount every fortnight has the same effect, because 26 fortnights add up to 13 monthly repayments a year. This calculator shows the true weekly and fortnightly equivalents by default, so you can compare frequencies fairly.
The numbers are one part of the decision
We look at the figures alongside growth drivers, vacancy, supply and how a property fits your borrowing and portfolio plans, then choose the market that suits your strategy, wherever it is in Australia. See how we buy investment property.
FAQ
Common questions
How is a mortgage repayment calculated?
For a principal and interest loan, the repayment is the amount that pays the loan off over the term at the interest rate: loan × r ÷ (1 − (1 + r)^−n), where r is the rate per period and n the number of repayments. On $600,000 at 6.5% over 30 years, that is about $3,792 a month.
Do fortnightly repayments pay a loan off faster?
Only if each fortnightly payment is half the monthly one. That adds up to one extra monthly repayment each year, which shortens the loan. A true fortnightly repayment, which is the yearly total divided by 26, pays the loan off at about the same time as monthly repayments.
What happens when an interest-only period ends?
The loan switches to principal and interest over the years that are left, so repayments rise. On a 30-year loan with five years interest-only, the full balance is repaid over 25 years.
Is this financial advice?
No. It is a general estimate to help you compare options. It does not consider your personal circumstances, and results depend on the figures you enter. Check them with your accountant, mortgage broker or financial adviser before you act.
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